Fujitsu introduced blockchain-based identification technology

Fujitsu Laboratories unveiled “Digital Identity Exchange Technology” aimed at improving online transaction security.

The blockchain-based technology allows individuals and businesses making online transactions to verify the identity of other parties involved. In addition, the identification system evaluates the accuracy of the credentials of the other party, according to a press release from Fujitsu Labs:

“The rapid development of digital technologies in recent years has been accompanied by a sharp increase in the number of online transactions in which users cannot see each other face to face, which makes it difficult to assess the reliability of the other party. The number of frauds and falsifications of personal data is growing, and ensuring the dissemination of high-quality, reliable identification data becomes necessary for users and businesses. ”

The new identification technology solves this problem by mutual evaluation of the parties in the transaction and viewing past transaction data to analyze the relations of participants in transactions with other users. In fact, it determines the reputation and rating of each party and writes them into a distributed registry. The company explains:

“A reliability rating is assigned to each user using weights, including the number of trusted users who rated high. Even if a user colludes with a third party to improperly increase their score, relationships based on a chart will reveal information, such as insufficient communication with other users, which will allow the system to detect distortions. ”

Fujitsu claims that this technology will provide more secure online services with the added benefit of “user-friendly” features, such as graphics, that visualize the relationships between users.

In recent years, the Japanese technology company has worked on numerous blockchain projects. In February, it became known that Sony and Fujitsu are using
blockchain to fight document fraud, and in January Fujitsu developed
blockchain system to improve the efficiency of power distribution. Last summer, the company launched
consulting service for the development of blockchain projects, as well as a system loyalty on the blockchain.